What financial statements are included in Exhibit C for the Bft franchise?
Bft Franchise · 2025 FDDAnswer from 2025 FDD Document
Attached to this Disclosure Document as Exhibit C are Assetco's audited financial statements which comprise the balance sheets as of December 31, 2024 and 2023, and related statements of operations, changes in member's equity, and cash flows and the related notes to the financial statements for the year ended December 31, 2024 and for the period from March 6, 2023 to December 31, 2023. Assetco was formed in March 2023, and therefore, is unable to provide three years of financial statements. We are a wholly-owned subsidiary of Assetco, and Assetco absolutely and unconditionally guarantees to assume our duties and obligations under the Franchise Agreements and Multi-Unit Agreements entered into while we are the wholly owned subsidiary of Assetco. A copy of the Assetco guarantee is attached as Exhibit D. Our and Assetco's fiscal year ends on December 31 of each year.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Bft's 2025 Franchise Disclosure Document, Exhibit C contains the audited financial statements of Assetco, which is Bft's parent company. These statements include balance sheets as of December 31, 2024, and 2023.
In addition to the balance sheets, Exhibit C also includes related statements of operations, changes in member's equity, and cash flows. These statements cover the year ended December 31, 2024, and the period from March 6, 2023, to December 31, 2023.
Because Assetco was formed in March 2023, Bft notes that it cannot provide three years of financial statements. However, Assetco guarantees Bft's obligations under the Franchise Agreements and Multi-Unit Agreements while Bft remains a wholly-owned subsidiary of Assetco, with a copy of the guarantee attached as Exhibit D. Both Bft's and Assetco's fiscal year ends on December 31.